triumph group inc (TGI) Key Developments

Triumph Group, Inc. announced that its Board of Directors has declared a regular quarterly dividend of $0.04 per share on its outstanding common stock. The dividend is payable March 15, 2015 to shareholders of record as of February 27, 2015.

Triumph Group, Inc. Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended December 31, 2014; Provides Earnings Guidance for the Fourth Quarter and Full Year 2015

Jan 29 15

Triumph Group, Inc. reported unaudited earnings results for the third quarter and nine months ended December 31, 2014. For the quarter, the company reported net sales of USD 917,417,000 against USD 915,816,000 a year ago. Operating loss was USD 61,266,000 against operating income of USD 84,779,000 a year ago. Net loss was USD 39,832,000 against net income of USD 35,393,000 a year ago. Net loss per share was USD 0.79, which included certain items described below totaling USD 2.20 per diluted share. Capital expenditures were USD 26,096,000 against USD 42,532,000 a year ago. Adjusted LBITDA was USD 36,959,000 against adjusted EBITDA of USD 116,185,000 a year ago. Modified adjusted EBITDA was USD 117,157,000 against USD 126,110,000 a year ago.
For the nine months, the company reported net sales of USD 2,808,444,000 against USD 2,826,844,000 a year ago. Operating income was USD 293,956,000 against USD 319,096,000 a year ago. Net income was USD 155.9 million or USD 3.04 per diluted share, versus USD 164.0 million, or USD 3.11 per diluted share, in the prior year period. Capital expenditures were USD 85,170,000 against USD 161,797,000 a year ago. Adjusted EBITDA was USD 236,304,000 against USD 406,565,000 a year ago. Modified adjusted EBITDA was USD 402,354,000 against USD 420,763,000 a year ago. Cash provided by operations was USD 309,964,000 against USD 33,342,000 a year ago. Net debt was USD 1,408,499,000 as on December 31, 2014 against USD 1,521,385,000 as on December 31, 2013.
The company updated its expectation for adjusted EBITDA for the fourth quarter fiscal 2015 to be approximately USD 165.0 million, which excludes the Red Oak facility transition costs, and expects to generate free cash flow available for debt reduction, acquisitions and share repurchases after pension contributions for the fiscal year of approximately USD 300.0 million. Fourth quarter effective tax rate will be 35.2% and reflects the fact that the R&D tax credit expired at December 31, 2014.
Based on current projected aircraft production rates, the company now expects revenue for fiscal year 2015 to be approximately USD 3.9 billion and earnings per share for the fourth quarter fiscal 2015 to be approximately USD 1.70, excluding Red Oak facility transition costs and based on a weighted average share count of 50.6 million shares. From a cash tax perspective, it currently expects minimal cash to be paid in fiscal 2015.

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